Shorting Planet Fitness to hedge my long positions from here
Diupdate
Since I'm unsure what the market will do tomorrow, I have a mix of long and short positions as we head into the close of trading today. One of my short positions is Planet Fitness. It's absurd for this stock to be trading at 50+ P/E and 100+ forward P/E with new coronavirus cases starting to go exponential again. This is well above the multiple that PLNT usually trades at. PLNT has a high put/call ratio today, suggesting that sentiment on the stock is very negative. It also has a -60% ESP from Zacks, which means it's likely to miss on its next earnings report.
It's sitting at support right now, but that may break if the market stays weak. PLNT is frankly due a correction down to at least 60 or so.
It's sitting at support right now, but that may break if the market stays weak. PLNT is frankly due a correction down to at least 60 or so.
Komentar
I took partial profit on my Planet Fitness short and am looking for 55/share for the remainder.Trading ditutup: target tercapai
Forgot to mark this as closed the other day, but we reached my $55 price target.
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